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Suppose you have $440 to spend on either concert tickets or CDs. Concert tickets cost $11 each, and CDs cost $8 each. Let T = the number of concert tickets, and C= the number of CDs.

A) Write the equation of the consumers budget constraint.

B) Using a graph illustrate the budget constraint faced by this consumer. Be sure to label your graph carefully indicating the appropriate values on the axes. Please put the number of concert tickets (T) on the vertical axis and the number of CDs (C) on the horizontal axis. What is the value of the marginal rate of transformation between concert tickets and CDs?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91920419

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